I learnt about Nicholas Sleep and Qais Zakaria from one of Mohnish Pabrai’s videos. Pabrai is a legendary investor in his own right. When Pabrai described Sleep & Zakaria’s letters to their investors in the Nomad Partnership (their investment firm) as the “Dead Sea Scrolls”, I knew I had to read them.
Nomad Partnership shut down in 2013 and ran about $4b in capital at point of liquidation. His biggest holdings were Amazon, Birkshire and Costco. He liquidated the portfolio because the UK regulators were giving him grief about risk because the portfolio wasn’t adequately “diversified”.
If you know what you own, diversification is an idiotic strategy.
Nomad Partnership compounded capital at a whopping 20.8% per annum for 13 years until liquidation in 2014. That alone should make you want to read their investor letters.
I took the liberty of downloading all 225 pages of the Nomad Letters and have hosted them on a Dropbox folder that anyone can view. Download them here.